Eminence Capital has become the third largest investor in Entain and increased its stakes in the embattled gambling giant to 5.7 per cent.
Sandler and Eminence increased their stake in the firm via the acquisition of around 7.1 million shares, which are reportedly priced at around 710p.
Since the start of the year, Eminence has continued to increase its interest in Entain after the investment firm’s boss, Ricky Sandler was named an non-executive director of Entain.
The US investment firm has also been critical of Entain, specifically when it comes to the group’s acquisition strategy and the lucrative takeover of STS Holdings.
Interestingly prior to being made an executive director Sandler had been vocal about Entain exploring the sale of BetMGM.
The deal continues a trend of equity suitors and private investors circling over the gambling giant eyeing the firm as a potential key opportunity for growth.
Nonetheless, Sandler and Eminence are limited in being able to purchase shares up to 8 per cent, as per the agreement between the two parties.
Change in the boardroom at Entain has been significant in recent years with Jette Nygaard-Andersen standing down as CEO and Chairman Barry Gibson also leaving after a four year spell at the helm of the company.
